1412, 2020

The CARES Act and Qualified Improvement Property

December 14th, 2020|Categories: Tax Articles|

A provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided a much-anticipated technical amendment regarding “qualified improvement property” (QIP). This provision corrected a flaw in the Tax Cuts and Jobs Act (TCJA) of 2017, and has made QIP eligible for bonus depreciation of 100%, applied retroactively Continue Reading

1312, 2020

Section 199A, SSTBs and Related Parties

December 13th, 2020|Categories: Tax Articles|

Introduction. The Tax Cuts and Jobs Act of 2017 (the “Act”) added Section 199A to the Internal Revenue Code (the “Code”). Section 199A provides a deduction that reduces the effective tax rate on qualified business income (“QBI”) for owners of businesses taxed as sole proprietorships, partnerships, limited partnerships, limited liability Continue Reading

December 2020

Monthly Tax Law Tip

“Beginning February 16, 2021, Proposition 19 will dramatically limit the exclusion from property tax reassessment for transfers between parents and children, and grandparents and children. If you plan to take advantage, don’t wait to consult your tax advisor or estate planning attorney.”

1112, 2020

Section 1202 Qualified Small Business Stock Benefits Revisited

December 11th, 2020|Categories: Tax Articles|

As we make it through 2020 and into 2021, one should consider revisiting the choice of entity in ascertaining which type of business entity is the best entity for a client’s particular needs. Historically, flow-through entities such as partnerships, limited liability companies and S corporations have prevailed over C corporations. Continue Reading